What’s new: Guangzhou Automobile Group Co. Ltd.’s (GAC) (601238.SH) electric-vehicle (EV) brand Aion has opened its first showroom in Hong Kong, the latest step in the Chinese state-owned carmaker’s EV expansion beyond the Chinese mainland.
Aion initially plans to launch at least four models in the new market, starting with the Y Plus SUV, which is scheduled to go on sale in May, according to a statement from Aion Monday. It will follow with the Hyper SSR sports car, Hyper HT SUV and ES sedan, but Aion has not set launch dates for the trio.
Aion will also set up six sales service centers in Hong Kong this year and plans to build 300 public charging stations in the city by 2028, the statement said.
The background: Aion plays an important role in its parent’s international expansion strategy, which has GAC aiming to sell 500,000 vehicles annually in overseas markets by 2030.
In June, Aion signed a memorandum of cooperation with a Thai dealership to enter the Thai market with the Y Plus, its first overseas push. Six months later, the company announced it was expanding into a second overseas market, Cambodia, with the same model.
In 2023, Aion sold 480,003 vehicles, a 77% increase year-on-year, according to company data.
Contact reporter Ding Yi (yiding@caixin.com) and editor Jonathan Breen (jonathanbreen@caixin.com)
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